Static synchronous compensator (STATCOM) UPS is one of the key energy management technologies in use today for the effective transmission, distribution, and regulation of power. Used in a number of application areas such as the automobile industry, steel manufacturing, power substations, long-distance power transmission, mining, and oil and gas, STATCOM UPS have immensely improved the financial as well as operational efficiency of state-owned energy distribution companies in India.
In a report published by Transparency Market Research (TMR), it has been estimated that the India STATCOM UPS market is forecast to rise from a value of US$27 mn in 2014 to US$113.9 mn by 2024. If these values hold true, the market is poised to expand at a strong CAGR of 16% between 2015 and 2024. This impressive growth can be primarily attributed to the rapid pace of industrialization and economic development in the country. Moreover, India is presently the second-most populated nation in the world, a factor that has been consistently spurring the demand for electricity from all the states, both large and small. These forces have significantly contributing toward the growth of the STATCOM UPS market in India.
STATCOM UPS Replacing Conventional Energy Management Technologies in India
Earlier, power quality issues in India were being mitigated by the extensive usage of conventional energy management technologies such as parallel feeders, capacitor banks, and static VAR compensators. However, with the introduction of STATCOM UPS, these technologies are soon being replaced owing to the low harmonic emission and high speed of response offered by STATCOM UPS. STATCOM UPS plays an integral role in refining power factors across transmission networks and in compensating reactive powers. As a result, their usage in oil and gas offshore platforms, mining, long distance power transmission and distribution, steel manufacturing, and the automobile sector has grown extensively in recent years.
Rising Investments Boosting India STATCOM UPS Market
The report by TMR indicates that over the next five years, the STATCOM UPS market in India is anticipated to benefit from the nearly US$50 bn investment in the transmission sector. The Government of India is also stepping up efforts in the development of HVDC power transmission systems and high-capacity corridors comprising 400Kv and 765 Kv lines. It has also dedicated resources in upgrading older transmission infrastructure. Western states such as Gujarat, Maharashtra, and Chhattisgarh have been contributing majorly toward the expansion of the STATCOM UPS market in India. Several states in the east, such as Jharkhand and Odisha, are also anticipated to give this market a boost with the rise in industrial activities and rapid economic development in these states.
Browse Full India STATCOM UPS Market Report with TOC:http://www.mrrse.com/india-statcom-ups-market
STATCOM UPS Market: Presence of Several Players Strengthening Current Scenario
There are an increasing number of players in the STATCOM UPS market in India, indicating the level of competition and interest in this field. NR Energy Solutions India, Mitsubishi Electric India, ABB Limited, Signotron India, GE India, Veeral Controls Pvt. Ltd., Schneider Electric India, and Power One Micro Systems Pvt. Ltd. are some of the top companies operating in India’s STATCOM UPS market. These companies have been specializing in the development of insulated gate bipolar transistors (IGBT) STATCOM and gate turn-off thyristors (GTO) STATCOM.